China’s top energy group China National Petroleum Corp (CNPC) has approved plans to restructure its oilfield services business.
The decision comes a day after filings showed the company is also gearing up to sell some of its largest oilfield subsidiaries which have reported a decline in revenues over the past few years.
CNPC President Wang Yilin said the company would “make efforts to streamline the oilfield services business and improve its efficiency”.
CNPC’s listed unit PetroChina also sold off its pipeline assets earlier this year.
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